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Real-time News
Australian Prime Minister Albanese: The government has secured three batches of aviation fuel, totaling more than 600,000 barrels, or about 100 million liters.May 19th - The latest invoice data released today by the State Taxation Administration shows that in the first four months of this year, the sales revenue of enterprises nationwide achieved steady growth, presenting several highlights. From January to April, the national industrial sector maintained rapid growth, with sales revenue increasing by 6.6% year-on-year. Invoice data shows that from January to April this year, the sales revenue of the national manufacturing and mining industries increased by 6.9% and 6.4% year-on-year respectively, both maintaining a rapid growth trend.The US has shown flexibility in the current negotiations, and spot gold and spot silver have risen slightly. A chart provides a quick overview of the pre-market conversion prices of gold and silver between domestic and international markets.The US delayed its strike on Iran, causing international oil prices to fall. A quick overview of the pre-market crude oil prices (converted between domestic and international markets) in one chart.Futures News, May 19th: Oil prices continued their upward trend, supported by positive news and cost factors, pushing fuel oil trading prices steadily higher. Downstream buyers were primarily focused on immediate needs, while increasing cost pressures and narrowing profits limited the rise in fuel oil prices. Amidst this interplay between upstream and downstream players, todays negotiations are expected to continue with a slight upward trend in prices.

Oil Price Prediction: After a Sell-Off, Oil Markets Will Rebound

Daniel Rogers

Jul 08, 2022 11:43

截屏2022-07-07 下午4.30.38.png 

 

After a significant sell-off that caused it to go below $100, WTI oil recovers. Recent publication of the Weekly Petroleum Status Report by the EIA acted as another market-bullish stimulus. According to the study, oil stockpiles rose by 8.2 million barrels over the prior week. Analysts anticipated a 1 million barrel decrease in crude stockpiles.

 

The rise in crude oil imports, which climbed by 0.8 million bpd from the previous week, was the main cause of the rise in crude stockpiles.

 

The rapid increase in crude stockpiles may have acted as a negative stimulus for the oil market. Other significant factors, though, supported the uptrend. Stocks of gasoline fell by 2.5 million barrels. Gasoline stockpiles are currently around 8% below the five-year average at this point in the year.

 

At 12.1 million bpd, domestic oil output remained constant. This is a positive development for the oil markets because it demonstrates that, despite high oil prices, domestic oil producers are not prepared to quickly raise production.

What Happens To WTI Oil Next?

WTI oil is still trading in the $100 to $120 area, according to today's trade. Recently made attempts to settle below the $100 mark failed, and WTI oil swiftly returned to the prior trading range.

 

Oil markets are still tight even if concerns about the recession have recently put major pressure on oil prices. There are currently no indications of demand destruction. Additionally, the output of domestic oil is not particularly susceptible to high prices.

 

The major concern to oil markets continues to be a probable recession, so traders will keep an eye on it in the forthcoming trading sessions. As a result of Japan's recent announcement that it is battling the seventh wave of the coronavirus, healthcare news will also need to be kept an eye on.


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